As an insurer supply chains are vital for us on two fronts, first to deliver policy, support and claims services to our policyholders and second to keep our own business running smoothly.
We are actively engaged in understanding the dependencies in our supply chains and continue to update and further embed ESG thinking into the procurement decision making.
In particular during 2023, we are focused on expanding our scope 3 GHG inventory, working with our major suppliers to improve data accuracy.
We are committed to supporting and respecting internationally proclaimed human rights and seek to avoid complicity in human rights abuses. To achieve this, we adhere to the principles as defined by the United Nations (‘UN’) Guiding Principles on Business and Human Rights, the UN International Bill of Human Rights and the International Labour Organisations (ILO) Declaration on Fundamental Principles and Rights at Work. We are a signatory to the UN Global Compacts.
We do not tolerate the violation of human rights and seek to establish relationships with those who share the same principles and values. We aim to prevent any action that has an adverse impact on human rights, either by Beazley or those acting on our behalf, and will remedy any adverse impact if it occurs. We also seek to promote human rights awareness and respect along our value and supply chains.
Beazley’s approach to investments is set out in our Responsible Investment Policy. This reflects our view that companies that are committed to a sustainable business strategy enjoy competitive advantages over time with the ability to generate stronger and more stable returns.
As set out within our TCFD report, Beazley uses a number of key metrics to measure the climate-related impacts of our investment portfolio. We have calculated our Paris alignment at asset level and in 2023 will be using this to set targets to get to net zero using the Science Based Target Initiative (SBTi) framework.
Our Weighted Average Carbon Intensity (WACI) results over the past two years is set out below: